Which of the following best describes token money?
...Which of the following best describes token money?
Money in the vaults of commercial banks
Currency and coins in circulation
Money with face value higher than its material content
Coins and notes made of poor quality material
Correct answer is C
Token money; money where the face value of notes or coins is unrelated to the value of the material of which they are composed. In economics, Token money, or Token, is money that has little intrinsic value compared to its face value.
The token is a small amount of money (compared to the market value of theproperty) that has to be paid by the buyer as an indication of serious intent to purchase a property.
A situation in which all inputs are doubled and output also doubles is known as ...
A production function relates ...
The upward slope of the supply curve indicates that ...
The likely implication of the devaluation of a country's currency is that ...
An important determinant of price elasticity of demand is ...
A capitalist economy is one characterized by the ...
Efficiency of labour in a country is determined by the following factor except the ...
The demand for a commodity that serves two or more purposes is ...
Economics is a social science concerned with the proper use and_____ ...